Advertising technology startup Postr has announced the close of a $2.5-million funding round led by an investment group of Singapore’s Koh Boon Hwee.
The round was joined by MDI Ventures, the corporate venture capital (CVC) arm of Southeast Asian telecom operator Telkom Indonesia, and return backers NZVIF (The New Zealand Venture Investment Fund) and Sir Stephen Tindall’s K1W1.
Koh is the Chairman of Credence Partners Pte Ltd and sits on the Investment Board of GIC, Singapore’s sovereign wealth fund. He also serves as the Deputy Chairman of the Securities Industry Council.
Postr has now raised $5.5 million in aggregate equity funding since its inception.
Founded in 2014, the company It enables carriers to integrate lock screen advertising and sponsored data capabilities into apps. It maintains offices in Wellington, Auckland, Sydney, Singapore, and Lisbon and has roots in New Zealand.
Milan Reinartz, Postr’s founder and CEO, said, “This latest raise will help to accelerate our next phase of growth across APAC, Europe, Latin America, Middle East, and Africa while we prepare for a larger funding round next year. With the General Data Protection Regulation (GDPR) coming into force in May 2018, we will also be focused on facilitating opportunities for a value exchange between consumers and advertisers.”
Lead investor Koh Boon Hwee said, “Lock screen advertising and ad-sponsored data provide a lucrative source of revenue for telcos, a highly engaged audience for advertisers, and rewards for mobile users such as free data and minutes. It’s a winning solution for all parts of the ecosystem. I look forward to supporting Postr through the next phase of the team’s journey.”
According to Reinartz, the Postr mobile app has been downloaded over one million times globally, with the company seeing more than 250 per cent revenue growth year on year.
The investment coincides with the addition of three executives to Postr’s management team – Julian Rayner (CTO), John-Paul Randall (CRO), and Avon Compton (Finance Director). This brings its workforce to 25 employees.
In a separate development, Postr has also received R&D funding support from Callaghan Innovation, a government agency supporting hi-tech businesses in New Zealand.
MDI Ventures has previously backed global advertising technology firms including Geniee, Ematic, Adskom, Kofera and LotusFlare.